[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5808 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 5808

To establish the Task Force on Artificial Intelligence in the Financial 
 Services Sector to report to Congress on issues related to artificial 
 intelligence in the financial services sector, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 28, 2023

  Ms. Pettersen (for herself and Mr. Flood) introduced the following 
    bill; which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To establish the Task Force on Artificial Intelligence in the Financial 
 Services Sector to report to Congress on issues related to artificial 
 intelligence in the financial services sector, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Preventing Deep Fake Scams Act''.

SEC. 2. FINDINGS.

    The Congress finds the following:
            (1) Artificial intelligence is being used in new and 
        innovative ways by the financial services sector.
            (2) Artificial intelligence may provide benefits to banks, 
        credit unions, and banking consumers.
            (3) Artificial intelligence poses unique threats to the 
        safety and security of customer accounts.
            (4) Voice banking is offered by many banks for security and 
        convenience reasons.
            (5) The popularity of social media has made video and audio 
        of potential targets easier to obtain for bad actors. These 
        materials can be exploited to replicate the voices and 
        appearances of other people in pursuit of data theft, identity 
        theft, or fraud.
            (6) Bad actors could utilize ``deep fakes'', including 
        voice and audio manipulation, to compromise and access a 
        consumer's financial accounts.

SEC. 3. TASK FORCE ON ARTIFICIAL INTELLIGENCE IN THE FINANCIAL SERVICES 
              SECTOR.

    (a) Establishment.--There is established a Task Force on Artificial 
Intelligence in the Financial Services Sector (in this section referred 
to as the ``Task Force'').
    (b) Membership.--The Task Force shall consist of the following:
            (1) The Secretary of the Treasury, or a designee, who shall 
        serve as Chair of the Task Force.
            (2) The Comptroller of the Currency, or a designee.
            (3) The Chairman of the Board of Governors of the Federal 
        Reserve System, or a designee.
            (4) The Chairperson of the Federal Deposit Insurance 
        Corporation, or a designee.
            (5) The Director of the Bureau of Consumer Financial 
        Protection, or a designee.
            (6) The Chairman of the National Credit Union 
        Administration, or a designee.
            (7) The Director of the Financial Crimes Enforcement 
        Network, or a designee.
    (c) Report.--
            (1) In general.--Not later than the end of the 1-year 
        period beginning on the date of enactment of this Act, the Task 
        Force shall issue a report to Congress containing the contents 
        described in paragraph (3).
            (2) Consultation.--
                    (A) Request for information.--Not later than 90 
                days after the date of enactment of this Act, the Task 
                Force shall solicit public feedback on the report 
                required under paragraph (1).
                    (B) Industry and expert stakeholders.--In 
                developing the report required under paragraph (1), the 
                Task Force shall seek out and consult with industry and 
                expert stakeholders, including--
                            (i) depository institutions of varying 
                        asset sizes;
                            (ii) credit unions of varying asset sizes;
                            (iii) third-party vendors who use 
                        artificial intelligence when providing services 
                        to depository institutions and credit unions; 
                        and
                            (iv) artificial intelligence experts.
            (3) Contents.--The contents of the report are the 
        following:
                    (A) A description of how banks and credit unions 
                proactively protect themselves and consumers from fraud 
                utilizing artificial intelligence.
                    (B) A list of standard definitions for the 
                different manners in which artificial intelligence is 
                used, including terms like ``generative AI'', ``machine 
                learning'', ``natural language processing'', 
                ``algorithmic AI'', and ``deep fakes''.
                    (C) A description of potential risks that could 
                result from the use of artificial intelligence by bad 
                actors to steal consumers' data, steal consumers' 
                identities, and commit fraud.
                    (D) A list of best practices for financial 
                institutions to protect their customers from attempts 
                to steal consumer data, steal consumers' identities, or 
                commit fraud.
                    (E) Legislative and regulatory recommendations for 
                the regulation of artificial intelligence and to 
                protect consumers from data theft, identity theft, and 
                fraud.
    (d) Termination.--The Task Force shall terminate 90 days after the 
final report is issued pursuant to subsection (c).
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